Hi guys, I am fairly new to this site(about a month) and have posted a few questions of which have been answered in avery insightful manner. So far my repair process has included only doing a lot of reading and taking the initial step of getting my reports. I ordered the standard pkg at MyFico.com to view all 3 separate reports and received my scores. I also got an EXP report & score at annualcreditreport.com and TU report and score at TRUECredit.com. Aside from scores (i know fico is what counts) the reports are consistent to the point I feel like I have enough info to begin disputing/validating. However consistent, there is alot of info that is inaccurate in that it is not mine. I am a JR. and I am certain that many of the negative items are my fathers. Antother problem though is that I lived with him or used his address as my permanent address for a couple of years which is one of the reason for the overlap. Would I take this up with the bureaus/CRAs, or would I send letters to the collection agencies?? There is so much info. and I have read everything that I believe I have been overwhelmed by the info. I don't believe that I am the only one that falls into this category. Since I have joined, I have seen several other newbies ask similar questions about various parts of the overall sequence. I have found several answers spread thru out. Then once I find the answer and want to refer back later it is often hard to find because the board is constantly updating. So what I am hoping to accomplish with this thread is to create an overview or summary of the procedure with regards to the following: What is the difference between a chargeoff and a collection? And for which and when do I use a Validation vs. Dispute. When do I contact collection agency vs. CRA? If I am disputing with a specific CRA, do i send them one letter with all disputed items contained, or do I send same CRA separate individual dispute letters for each item being disputed. There are also several entries that either say under the remarks "closed at credit grantor's request" or "purchased by another", does this mean that these are collections?? I know that it is difficult to simply pain everything black and white, but If anyone could help with a general overview that touches on some of the specific procedures, myself, and I am sure several other would be much obliged. Thank you all in advance.!!!
Hi Katz, welcome aboard! I'm not an expert by any means but just another credit repairer who has made some progress. I see you have all 3 reports, that is awesome. I would recommend that first you dispute old/inaccurate names & addys. Do this in writing, certified mail so you have a papertrail for your records. For inaccurate names/addys state these are incorrect I am not that person & have never lived at that address. For actual old names (like a maiden name or old address) request these be removed because you are no longer known by that name/ no longer live at that address and fear that this information on your report could create a portal for identity theft. You will probebly have to send the CRA a copy of your current DL and/or SS card or a utility bill showing your current address. Wait then a full 30 days for a response from the CRA. In my case, TU & Equifax deleted all I asked for and alot of old incorrect items fell off too. Exp was the worst, they refused to remove much and would'nt drop any of the TL's. Once you have received those results with updated copies of your credit report (they should send one if info has been changed) then you will be ready to priotize whats left and develope a plan of action for each. To try to answer some of your other Q's: A charge off is what occurs when the original creditor has decided that the debt won't be paid. Usually they do this for tax purposes I beleive. Usually after the CO occurs the original creditor will write the debt off & send you a 1099 or sell the debt to a CA. A collection is when the original creditor sells the debt to a CA to attempt to collect. A DV is only used for a Collection agency, not the original creditor. As to when & how to dispute, wait for the name/addy disputes to finish, then develope a plan of action for each. This is very time consuming and is alot of work. Post on the board for them if you like to determine the best dispute route to take. With personal info omitted of course =) Closed by credit grantor means the original creditor closed the acct. They may or may not have sold or wrote off the debt. Sold to another means the acct has been sold to a CA. There are no dumb questions here, if there is I have prob already asked them, lol. This is mega information to wade through, take your time & learn as you go, do it a step at a time, otherwise you will be overwhelmed and burn out fast. You may want to consider opting out, you can search for "Opt Out" and see what that is & if you should do so. Sometimes in credit repair activity on our reports can send flags to CA's and Junk debt buyers to come peek at you. Opting out removes you from promotional looks at your credit reports. Like all those insurance & credit card offers you get in the mail. Also you may want to apply for a card if you have no good reporting tradelines like an Orchard. Good standing accounts will help raise your score as you work on credit repair. Alot may depend on your scores and the credit industry is really tightening down. Don't go do mass applications, that will hurt you. Do a little research and see which ones have the highest potential for approval and only apply for 1 or 2. Also look at your current income and budget, do you need work in this area to prevent further problems? Credit repair is no good unless you use credit responsibly. I take it you are at that point or you wouldn't be here. I hope this helps a little, there are great people on this board. Stick around! Tegleg
I would recommend that first you dispute old/inaccurate names & addys. Do this in writing, certified mail so you have a papertrail for your records. For inaccurate names/addys state these are incorrect I am not that person & have never lived at that address. For actual old names (like a maiden name or old address) request these be removed because you are no longer known by that name/ no longer live at that address and fear that this information on your report could create a portal for identity theft. You will probebly have to send the CRA a copy of your current DL and/or SS card or a utility bill showing your current address. First, thank you for clearing it up for me. But let me make sure, I send the dispute letters certified to the CRAs first??? And do I send individual letters for each item I am disputing that is not mine. For example, I have 5 collections on TU that are 100% not mine. I also have approximately 6-7 items that are not in collection but are charged off. All that is listed is the OC, there does not appear to be a CA. Do I write to the OC that the bad debt or charge off they are reporting is not mine?? Again, it feels so good to begin the initial steps of trying to right this ship, thank you for your help!
My advice is to mail in the name/addy disputes first, one letter to each CRA with all incorrect names/addys, with copies of proof of identity, wait 30-45 days for a complete response from each of the CRA's. Make sure you dispute your dad's name. The reason I suggest this first is that the TL's that are not yours may come off with that one step. I had several drop that were listed in a incorrect name. After you receive those results then your ready to start disputing what is left. Opinions vary on this but it is my opinion to only dispute a few at a time with each CRA all certfied mail for your papertrail. Dispute first those that are obviously not yours. Don't write the original creditors just yet, see what will happen with these two steps first. Save that for when/if the CRA's refuse to delete. Again after you get the name/addy disputes done then look at whats left and develope a plan of action. Post on the forum any questions. As I said there are very knowledgable people here, more so than I. And there are no dumb questions. Good luck! Tegleg
Your very welcome =D Just trying to give a bit back to the board that has helped me so much. Good luck! Tegleg
if you are 100% sure they are not your debts you can also call the OC and request a fraud investigation. you will have to be persistent as they then usually try to tell you they sold the debt and you should call CA who don't care about that. when the OC does a fraud investigation they usually buy or acquire the account back to do it. I had success with HSBC this way they basically removed an MCM and HSBC entry as they couldnt provide proof i signed up for anything. No matter what they say talk to the OC if possible as th CA only wants money.
That sounds ok, but the only problem is that I think alot of the negative items are my dad's so I dont really want there to be a Fraud investigation.
That is "file mixing" and it's the #1 reason people sue and collect money from CRAs. Once the CRA has had a shot or two at getting it right ... it's lawsuit time. Make 'em pay you.
BTW, Experian has all these spelling variations of my name that says also known as. Should I just dispute that I have never been known by any of these names? Should I add something else. I need some credit lingo here! Help please!
